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SRT Marine Systems PLC announced on 29 January 2025 that it signed a new system contract for Phase 2 of a project with a national coast guard, following the formal notice to proceed announced on 6 January. This second phase has a gross value of approximately $15 million. Implementation will commence immediately and is expected to be completed by the end of 2025, followed by a 5-year support phase.
| Date | 29 Jan 2025 |
| Time | 07:00:03 |
| Category | Corporate updates |
| ID | 0168V |
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"), AND IS DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR.
SRT MARINE SYSTEMS PLC
(AIM: SRT)
("SRT" or the "Company")
New System Contract Signed
SRT Marine Systems plc ('SRT'), a global provider of maritime domain awareness systems and technologies for security, safety and environmental protection, is pleased to advise that, further to the 6th January announcement of receipt of formal notice to proceed (NTP) on the second phase (Phase 2) of a significant, long-term project to build up a national integrated maritime MDA system for a national coast guard, contract formalities have been completed and the contract signed. This second phase has a gross value of approximately $15m and will immediately commence implementation. Implementation is expected to be completed by the end of 2025, followed by a 5-year support phase. Phase 3 is expected to follow in 2026 following completion of phase 2.
This is the second phase of a long-term strategic plan by the customer to build up a fully integrated and digitised maritime surveillance and management system that is able to support multiple ministries including coast guard, border agencies, fisheries and environment agencies.
Simon Tucker, CEO of SRT Marine Systems, commented:
"This is an important long-term customer for SRT and we are pleased to be starting this next phase in their transition to a fully digitised and integrated intelligence based maritime domain awareness capability. We look forward to many years of future work and co-operation with this customer."
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For further information, please contact: |
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SRT Marine Systems plc |
+ 44 (0) 1761 409500 |
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Simon Tucker (CEO) |
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Kevin Finn (Chairman) |
Kevin.finn@srt-marine.com |
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Cavendish Capital Markets Limited (NOMAD & Broker) |
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Jonny Franklin-Adams / Teddy Whiley / Finn Gordon (Corporate Finance) |
+44 (0) 20 7220 0500 |
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Tim Redfern / Ondraya Swanson (Corporate Broking) |
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Yellow Jersey PR |
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Charles Goodwin / Annabelle Wills |
+44 (0)774 7788 221 |
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About SRT Marine Systems plc:
SRT Marine Systems PLC is an established leader in the growing global market for maritime domain awareness. We provide technology driven solutions for coastal and EEZ surveillance, fisheries management and monitoring and navigation safety and efficiency. Our customers range from government agencies such as Coast Guards, Fishery Authorities and Ports & Waterway authorities to commercial and leisure vessel owners.